FundedHere allows registered investors to invest from as low as US$3,700 each in companies based in Singapore, China, Indonesia, Vietnam and the Philippines

FundedHere, an equity-based and lending crowdfunding platform targeting startups in Southeast Asia and Greater China, has secured S$1.74 million (US$1.29 million) in seed capital, at a post-money valuation to S$11 million (US$8.17 million), two weeks after commencing operations.

The funding comes from three high net-worth individuals (HNIs) — comprising a major shareholder of a Singapore mainboard-listed company investing in his personal capacity; an entrepreneur with business interests in China investing through her Singapore-based family office AsiaWorld Assets; and a Swiss intellectual property specialist.

The capital will be used to strengthen the management, step up marketing and build a pool of accredited investors.

“It (the funding) validates the hard work of the FundedHere team as well as interest and support of this disruptive form of fund-raising for startups,” said FundedHere CEO Michael Tee. “We will now move rapidly to strengthen our team and our marketing efforts so as to build up our base of investors. We intend to reach to startups locally and in the region to use a Singapore-based platform to spur innovation.”

FundedHere is a platform which lists startups seeking seed funding or short-term borrowing. It allows investors registered with the platform to invest from as low as S$5,000 (US$3,700) each.

The company said in a statement that it has reviewed more than 100 startups till date, mostly from Singapore, and has short-listed approximately 10 which have potential to be crowdfunded. It intends to reach out to startups in Singapore, China, Indonesia, Vietnam and the Philippines.

Under the Monetary Authority of Singapore (MAS) guidelines, only accredited investors (AIs) with at least US$1.5 million in net personal assets, excluding the primary residence, or US$225,000 in annual income, are allowed to participate in crowdfunding in Singapore. Corporate As are required to have at least US$7.5 million in net assets.

FundedHere targets to register at least 1,000 AIs and secure more than US$3.7 million in funding for 20-25 startups by the end of this year. In the long term, it hopes to register up to 10 per cent of AIs in Singapore.